NZD/USD Technical Analysis Forecast

nzdusd-technical-analysis-currency-forecast

NZDUSD - The pair has broken below key trendline support which has been in place since May 2010 low (1.4226). The pair has struggled to hold above its 200 day SMA on several occasions last week. In addition remaining below 16260 keeps the head and shoulders chart pattern on the daily intact..

Given the weight of evidence we remain bearish on the pair and would expect significant falls going forward, with a longer term projection of Dec 2010 lows at 1.5340.

However in the immediate term, expect the potential for some unwinding of recent falls. 1.6200 (or ultimately 1.6260) should cap any consolidation in the pair.

Key Economic Events

Wednesday - RBNZ Rate Statement | RBNZ Monetary Policy Statement

Thursday - REINZ HPI (m/m)

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